The American Chip developing company Nvidia attests to its dip in shares due to the CMP (Cryptocurrency Mining Process) sales decline. The company stated that its 52% decrease for its Q1 of “OAM and other” investments was because of the decrease in CMP sales. Nvidia stated this, as explained in a filing on Wednesday. In 2021, Nvidia recorded $24 million in returns from its CMP sources; this also recorded a discouraging decrease of 77% year-over-year. Last year January, the corporation introduced the CMP product to discourage cryptocurrency miners from storing up existing mining devices like Ethereum’s famous GeForce RTX 3080 Ti. Related Reading | Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000 While the chipmaker didn’t explain the exact sales amount its CMP sales provided, it did tag the value “nominal” and over $155 million in loss from the previous year. Nvidia Shares Tumble At The End Of Q1 The company experienced strong quarterly growth from 2021 last quarter to 2022 first quarter, increasing by 8% in returns. Thus, making up to $8.98 billion. Its shares also increased by 3% to $1.36 a share. In addition, the chipmaker stated that it’d continue its buyback program reaching 2023 end, and it is worth $15 billion. Nvidia And The Q2 Nvidia has now been experiencing a steady decrease in interest in the CMP mining chips during this Q2. The reasons why this is so might probably be because of Ethereum’s porting to the Proof-of-staking mechanism. The current bear market, or the recently deployed products from the industry leader—Intel Corporation. We don’t know, but we do know that the tech giant isn’t experiencing a good time at its current turnover. Q2 isn’t starting as interesting as Q1, and pundits project a 4% loss to $8 billion in turnover. During Thursday after-hours trading, Nvidia (NVDA) shares decreased by 7% to $157.8. Also, the NVDA stocks have experienced an almost 50% decrease in the year-over-year report, reflecting a poor outlook for tech stocks. Related Reading | Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value During last year’s Q2, Nvidia encountered a 33% dip from expected returns, reaching $266 million, then $106 million in Q3, and $24 million in Q4. That value has still fallen. The chipmaker revised its expectations for the second quarter (Q2), summing it up to $8.1 billion because of the Russia-Ukraine war, and Lockdown in China. Nvidia CMP And Cryptocurrency Mining Nvidia’s Santa Clara-situated CMPs can be effective for mining Bitcoin, Ether, and other digital assets that use the Proof of Work consensus mechanism. In addition, the token’s graphics card, built for gaming, can be effective for mining cryptocurrency except restricted. One notable fact is that CMPs are very scarce in supply. Even on secondary markets, it’s rare to find them. Therefore making the chances of sales slimmer and smaller. Featured image from Pixabay, chart from TradingView.com
View full article at NewsbtcQuant Hedge Fund Two Sigma Hirin...
Cream Plunges on News That Hack ...
Indian National Congress Accuses...
CoinTelegraph (cointelegraph.com)
Solana sees ‘dramatic increase...
Meta’s letting Xbox, Lenovo, a...
Tokenization’s next phase requ...
Bitcoin News (news.bitcoin.com)
Standard Chartered Updates Predi...
Despite Runes’ Transaction Dom...
Edward Snowden Defends Crypto Pr...
Robinhood Lists Shiba Inu For Ne...
Investment Giant Morgan Stanley ...
Nigerian Crackdown Fake News? CB...
Top 10 Cryptos To Invest In 2024...
BlockDAG Triumphs with Impressiv...
Herake Casino Review: 110% Crypt...
FBI warns US citizens against us...
Consensys sues SEC, seeks court ...
Morgan Stanley considers allowin...
Why Is The Crypto Market Down To...
Bitcoin Price Trims Gains Amid W...
CryptoGazette (cryptogazette.com)
Another Day, Another Banking Sca...
US Banking Giant Pays $249,000,0...
Cardano To Explode by Over 1,300...
Bitcoin price prediction – Is ...
Solana congestion continues desp...
Bitcoin FOMO rises – Is this w...
Top Meme Coin Picks for Long-Ter...
XRP Price Analysis: Top Crypto E...
6 Best Bitcoin & Crypto Clou...
Celebrities May Have Their Dirty...
3 Ways Bitcoin Traders Can Spot ...
Blockchain as an Infrastructure:...
BinaryX Releases RhinoX Whitepap...
StreamCoin’s 1st Anniversary: ...
Ukrainian Real Agriculture Busin...
Benchmark Protocol (medium.combenchmarkprotocol)
Benchmark Protocol celebrates 1 ...
Benchmark Protocol Integrates Ch...
Bitcoin Magazine (bitcoinmagazine.com)
FBI Warns Americans Against Usin...
Beck & Bulow Adopts Bitcoin ...
Bitcoin Mixing Service Samourai ...
Bitcoin.com (news.bitcoin.com)
BNB Announces Native Liquid Stak...
Australian, Indonesian Tax Bodie...
Solana ‘Chapter 2’ Airdrops ...
Ohio Mulls Law to Protect Bitcoi...
This Ultra Light AI Model Fits o...
Using bitcoin to buy this flame-...
What to do if you’ve used Samo...
Who are Samourai Wallet’s Keon...